The target for the fund listed on marketing materials is $350 million, a source told Buyouts. However, the Denver-based firm will raise as much as $400 million, which is the target listed in the filing. If successful, a fund in that size range would be a fairly large increase from the $235 million in commitments it raised for its 2008 fund.
In concert with this fundraising, the firm has also changed its name to Platte River Equity from Platte River Ventures to better reflect the fact that it is a buyout firm, not a venture capital firm, the source told Buyouts.
Seventy-three investors have backed the fund so far, according to the filing. Capstone Partners is helping the firm as placement agent.
Platte River typically invests $5 million to $40 million of equity in companies generating revenues of $10 million to $150 million. Industries of interest include aerospace, manufacturing and services; industrial products and services; metals, chemicals and natural resources; and energy services and infrastructure. Though Platte River typically seeks control of its target companies, it will take minority stakes in some cases.
The firm’s most recent deal came in May, when it sold PRV Aerospace LLC, an Everett, Wash.-based supplier of components and other products to the aerospace and defense industry, to Court Square Capital Partners.
The firm has nine investment professionals, led by J. Landis Martin (pictured), a longtime executive in the industrial sector who founded Platte River in 2005.